Just hours after the White House trade adviser Peter Navarro said the trade deal with China was 'over,' he walked back his comments -- which had in the meantime sent financial markets into a frenzy.
Earlier Monday (June 22) Navarro said the deal was over when asked about it on Fox News, and that the quote 'turning point' came when the U.S. learned about the coronavirus only after a Chinese delegation left Washington once the Phase 1 trade deal was signed in January.
After that, U.S. stock futures went into wild swings, but mostly recovered after Navarro said his Fox comments quote 'have been taken wildly out of context.'
Navarro added that quote "They had nothing at all to do with the Phase 1 trade deal, which continues in place.
I was simply speaking to the lack of trust we now have of the Chinese Communist Party after they lied about the origins of the China virus and foisted a pandemic upon the world." Amid the market confusion, President Donald Trump quickly tweeted that the China deal remains quote "fully intact" and that quote "hopefully, they will continue to live up to the terms of the agreement." Navarro is one of the most outspoken critics of China among Trump's senior advisers.
Relations between the two countries have reached their lowest point in years ever since the global health crisis which first emerged in China hit the U.S. particularly hard.
On Thursday Trump renewed his threat to cut ties with China, just a day after Secretary of State Mike Pompeo met with a Chinese delegation in Hawaii and a U.S. trade representative said he did not consider decoupling the two economies to be a viable option.
The novel coronavirus pandemic produced an unprecedented and urgent demand for hospital ventilators. Now, House Democrats say the White House got duped into overpaying Philips Respirionics for ventilators by half a billion dollars in the first few months of the pandemic. Gizmodo reports House Democrats made the allegation in an oversight subcommittee report released Friday. The US negotiator was Trump trade adviser Peter Navarro, one of the architects of the administration’s trade war with China. The report says Navarro simply signed off on the company’s opening offer of $644 million dollars.
During a coronronavirus testing strategy event at the White House Monday, President Trump left the podium without taking questions from the press. This follows a report by the New York Times Sunday that said Trump paid little or no federal income tax in recent years.
Equity benchmark indices swung upward for the fourth consecutive day on Tuesday with buying across several counters. The BSE SandP Sensex closed 519 points or 1.49 per cent higher at 35,430 while the..